The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No. 45 dated 15th of March 2011, has replaced the Part B of the Form FC-GPR by a separate Form i.e. ‘Annual Return on Foreign Liabilities and Assets’ so as to take in to account of the inward and outward statistics relating to Foreign Direct Investment (FDI) in a more extensive way and to line up with the international standards.
Main Features:
§ Requirement of submitting Part B of Form FC - GPR has been replaced with the submission of the new form “Annual Return on Foreign Liabilities and Assets”.
§ The Annual Return should be submitted by July 15th of every year to the Director, Department of Statistics and Information Management (DSIM), Reserve Bank of India, Mumbai, instead of 31st July every year, as provided earlier.
§ The Balance Sheet for the reporting year required to be enclosed along with the return.
§ Every Indian company which have received FDI and/or made Overseas Investment in the previous year(s) including the current year required to submit the abovesaid return.
§ These directions shall take effect from 15th March, 2011.
§ The information given in the return should be based on audited balance sheet. But where the return is filed on the basis of unaudited BS, then the audited balance sheet shall also be submitted in duly. Further any discrepancy found in reported figures, then a revised return is required to be submitted by the company on the basis of audited balance sheet along with a copy of the audited balance sheet.
